Criteria A-Z

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to have multiple tenancies on a Buy to Let property.

Our policy notes:

Family Building Society will not consider a Buy to Let application with multiple tenancies

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to a tenant who is benefiting from a protected tenancy.

Our policy notes:

Family Building Society will not consider applications where the tenant enjoys a 'Protected Tenancy'.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept Buy to Let applications on properties that are considered 'Serviced Properties'. These are typically furnished properties that are Let on a short term basis and the rent covers all amenities including the rent.

Our policy notes:

Family Building Society will not consider applications where the property will be Let as a 'Serviced Property'.

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applications from borrowers that wish to Let the property to students

Our policy notes:

Family Building Society does not allow applicants to Let their Buy to Let property to Students.

Last updated:

22 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications where the tenant will be (or is) a third party who pays a rent to the applicant and acts as the primary tenant but Sub-Lets the property. This is sometimes referred to as 'Rent to Rent'.

Our policy notes:

Family Building Society will not consider applications where the property will be Let to a third party who will in turn Sublet the property.

Last updated:

07 November 2019

Our standard acceptability

No

Criteria definition:

Indicates if we can potentially offer Buy to Let mortgages on a transitional arrangement as defined by the FCA under MCOB 11.8

Our policy notes:

Family Building Society does not offer Buy to Let mortgages on a transitional arrangement basis.

Last updated:

07 November 2019

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially consider a property with unadopted roads

Our policy notes:

Family Building Society can potentially consider a property with unadopted roads

Last updated:

16 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we are able to potentially accept Buy to Let applications from applicants who have recently been charged for an unauthorised overdraft (either by exceeding their overdraft limit or by simply going overdrawn if they do not have an agreed overdraft limit). These unauthorised overdraft charges will likely appear on the clients recent bank statements.

Our policy notes:

Family Building Society does not accept applicants that have recently had unauthorized overdraft charges

Last updated:

31 May 2018

Our standard acceptability

Acceptable

Criteria definition:

Indicates if we can potentially accept applications where the transaction constitutes an undervalue transaction.

Our policy notes:

We accept purchases at an undervalue providing it is not a 'distressed sale'. We will ask the solicitors to provide the appropriate indemnity as part of the conveyancing.

Last updated:

31 May 2018

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider Buy to Let applications for unemployed applicants.

Our policy notes:

Family Building Society will not consider Buy to Let applications for unemployed applicants

Last updated:

07 November 2019

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially consider applicants who hold a Family Visa. Types of Family Visas are spouse or partner, fiancé, fiancée or proposed civil partner, child, parent or relative who’ll provide long-term care for you.

Our policy notes:

Family Building Society will not consider applicants that hold a family visa.

Last updated:

15 January 2021

Our standard acceptability

We do not lend to foreign nationals on a visa

Criteria definition:

Indicates if we can consider an applicant on a visa and if so what is the minimum requirement (in MONTHS) that the applicant must have remaining on BTL applications

Our policy notes:

Family Building Society will not consider an applicant on a visa

Last updated:

16 September 2020

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 1 Visa. These visas can be issued to Entrepreneurs, Exceptional Talents, Graduate Entrepreneurs, and Investors.

Our policy notes:

Family Building Society will not consider applicants that hold a 'Tier 1' working visa.

Last updated:

15 January 2021

Our standard acceptability

Not Acceptable

Criteria definition:

Indicates if we can potentially accept a buy to let application from an applicant that holds a Working Tier 2 Visa. These visas can be issued to General workers who've been offered a skilled position in the UK, Intra-company Transfers, Ministers of Religion and Sportspersons.

Our policy notes:

Family Building Society will not consider applicants that hold a 'Tier 2' working visa.

Last updated:

15 January 2021